Romanian cardboard producer Vrancart Adjud has unveiled plans to invest more than €18 million with the aim to modernise and expand the output capacity of its production facility by the end of 2017.

Last year, the manufacturer reported sales of some €47 million which represented an increase of 6% compared with 2014, reports local news site Romania-Insider.com. Vrancart Adjud posted a net profit of €4 million for 2015, down 4% compared with a year earlier.

The company is controlled by local investment fund Banat-Crisana, and based in Adjud, in Romania's eastern part.